Hyperliquid Crypto Soars To 2-Week High As HYPE ETFs Drive Confidence

Key Insights:

• Hyperliquid (HYPE) crypto price approaches $60, demonstrating sustained bullish momentum observed in the first half of August.
• Hyperliquid ETFs did not sell any HYPE last week, signaling elevated confidence among institutional holders.
• Declining network activity risks curtailing momentum as DEX volume and address activity cool to multi-week lows.

Hyperliquid crypto has just wrapped up another recovery week, and it appears poised for a weekly hat trick. The native Hyperliquid asset has started the week maintaining the same upward momentum seen previously, with data pointing to enduring confidence among institutional investors.

Hyperliquid crypto traded at $59.5 at the time of writing following a more than 4% rally over the past 24 hours, marking its highest price point so far this month.

The positive HYPE price action this month highlights a strong recovery following a bearish two-month stretch through June and July. The Relative Strength Index (RSI) now sits firmly above its midpoint, though it is simultaneously nearing the $60 mark, where it will likely face a test of momentum and consolidation.

Whether the HYPE token sustains its bullish trajectory or experiences a retracement may depend on the exact catalysts that fueled its latest upswing.

Hyperliquid ETFs Offer Strong Support To The Bulls

As a leading decentralized exchange (DEX), Hyperliquid has drawn significant interest, particularly from institutional market participants. Consequently, this cohort is exerting a growing influence over the HYPE token.

According to Arkham, Hyperliquid ETFs refrained from selling any of their HYPE holdings last week. Instead, these funds maintained their existing positions while absorbing roughly $2.8 million in additional Hyperliquid crypto.

This healthy institutional demand demonstrates that major players remain optimistic about the short-term and long-term outlook for Hyperliquid crypto. Even so, spot trading flows have remained sluggish, suggesting the broader market has yet to catch up.

Concurrently, derivatives activity surrounding HYPE experienced a notable uptick, with volume climbing 63.8% over a 24-hour period. Despite the increase, activity hovered near multi-month lows, remaining too subdued to trigger widespread liquidation worries.

Solid institutional positioning has served as the primary engine behind Hyperliquid crypto’s bullish momentum. Should this pattern persist, the HYPE price could maintain the positive trend recorded during the first half of August.

Will HYPE Price Defy Declining Network Activity?

Hyperliquid’s status as a top-tier DEX played a critical role in fostering institutional confidence. Naturally, this raises questions about how the market will react if prevailing conditions begin to erode that sentiment.

The broader crypto market has spent the past several weeks stuck in a consolidation phase, generating persistent uncertainty over whether prices will stage a recovery or break downward.

As a result, on-chain metrics and trading volumes have softened over recent weeks—a sharp departure from earlier market cycles that funneled heavy volumes into the Hyperliquid ecosystem.

Data from DeFiLlama shows that weekly active addresses fell to their lowest marks since March 2025, a trend mirrored by DEX volumes.

Specifically, the platform recorded $735 million in volume between August 10 and August 16—the lowest weekly tally for Hyperliquid DEX volumes since shortly after mid-March 2025.

While shrinking DEX volumes point to softer organic demand for Hyperliquid crypto, robust institutional interest has acted as a vital counterweight. Even so, cooling network activity presents an ongoing downside risk that could weigh on the HYPE token price in the near term.

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